CardinalStone Partners Limited (“CardinalStone”) has been awarded Debt Deal of the Year at the 20th edition of the African Banker Awards 2026 in recognition of its role as Lead Financial Adviser and Lead Issuing House on the landmark ₦501.021 billion Power Sector Bond Issuance sponsored by Nigerian Bulk Electricity Trading Plc (NBET).
The award recognises the inaugural tranche under the ₦4 trillion Power Sector Multi-Instrument Issuance Programme, executed as part of the Presidential Power Sector Debt Reduction Programme (PPSDRP). The transaction represents one of the most significant domestic debt capital markets issuances in Nigeria’s power sector and a major milestone in efforts to restore financial sustainability across the electricity value chain.
The 7-year bond issuance, guaranteed by the full faith and credit of the Federal Government of Nigeria, was fully subscribed by institutional and individual investors, underscoring strong market confidence in the structure, credit quality, and long-term impact of the transaction.
The African Banker Awards, held annually on the sidelines of the African Development Bank Annual Meetings, celebrates excellence and best practices in African banking and finance. The Debt Deal of the Year category recognises transactions that demonstrate innovation, market significance, execution excellence, and measurable economic impact.
Commenting on the recognition, Michael Nzewi, Group Managing Director of CardinalStone, said:
“We are honoured to receive the Debt Deal of the Year award at the African Banker Awards. This recognition reflects the strength of collaboration among all stakeholders and reinforces the critical role that innovative capital markets solutions can play in addressing structural challenges within key sectors of the economy. We remain committed to supporting transformative transactions that deepen Nigeria’s financial markets and contribute to sustainable economic development.”
Onyebuchim Obiyemi, Director and Head of Investment Banking at CardinalStone, added:
“This award reflects the depth of expertise, collaboration, and disciplined execution that went into delivering a transaction of this scale and significance. Beyond being a landmark capital markets issuance, the NBET bond transaction demonstrates how innovative financing structures can be leveraged to address systemic challenges, unlock liquidity, and support critical sectors of the economy. We are proud to have played a leading role in a transaction that advances both market development and power sector reforms in Nigeria.”
The recognition further reinforces CardinalStone’s leadership in Nigeria’s capital markets and its track record of advising on landmark transactions across sectors. The firm provided end-to-end advisory services on the transaction, including structuring, regulatory coordination, stakeholder engagement, investor marketing, and execution leadership.
CardinalStone extends its appreciation to the Honourable Minister & Coordinating Minister of the Economy, Office of the Special Adviser to the President on Energy, Nigerian Bulk Electricity Trading Plc, the Debt Management Office, transaction advisers, investors, and all stakeholders whose support and collaboration contributed to the successful execution of the transaction.
About CardinalStone
CardinalStone is an independent, multi-asset investment banking group in Nigeria, providing advisory, capital markets, asset management, securities trading, trust services, financing, registrar services, and pensions solutions to institutional, high-net-worth, and retail clients.
The firm has advised on over ₦5 trillion in capital markets and M&A transactions and was the first brokerage to surpass ₦2 trillion in transaction value on the Nigerian Exchange. It has ranked as the number-one securities firm on the Nigerian Exchange by value for four consecutive years (2022–2025). In recognition of its market leadership and execution excellence, CardinalStone was named Africa’s Best Broker by Euromoney in 2025.
